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IRVING, TX-Jackson-Shaw Co., prepping for a groundbreaking, has put Stream Realty Partners LP on the ground to lease Parc/114, a 600,000-sf flex and warehouse development bordered on three sides by Dallas/Fort Worth International Airport. Work begins June 11 on the 380,000-sf, five-building phase one, set to come out as all spec.

The Dallas-based developer and equity partner, ORIX Real Estate Capital Inc. of Chicago, bought the 52-acre site in February, getting 1,600 feet of frontage along Belt Line Road on the airport’s eastern side. “It’s an amazing piece of property. There really aren’t any comparable sites to this in this market,” says Jason Nunley, the developer’s vice president. It’s possibly the largest undeveloped tract in the submarket that isn’t airport land, he adds.

Nunley tells GlobeSt.com that Parc/114′s all-in development cost is slightly more than $30 million. As part of the make-ready plan for the new project, Jackson-Shaw has hired Dallas-based Stream’s managing director and partner Chris Jackson, vice president Bob Hagewood and senior associate Blake Kendrick for the tenant chase. The opening quotes will be $5.50 per sf to $10 per sf with tenant-improvement allowances from $10 per sf to $20 per sf, according to Nunley.

“From the activity we’ve received, we’ve had tremendous feedback from the brokerage community as a whole for this product and location,” Nunley says. The 28-acre phase one’s buildings are 34,574 sf, 78,614 sf, 104,819 sf and 133,010 sf.

“We think the Irving location is going to be a definite draw,” Nunley says. “We could see a variety of tenants.” The buildings are divisible to 10,000 sf.

GSR Andrade Architects of Dallas designed Parc/114′s buildings with 24- to 28-foot clear heights, placing showroom space along Belt Line Road and building in a variety of depths and truck court sizes. Nunley says the development team has tapped Mycon General Contractors of McKinney, TX to do its first project for them. Christopher Russel of Dallas is the landscape architect.

The Parc/114 work will begin with needed infrastructure, with Nunley predicting the crew will be ready to go vertical in 90 days on five of the nine buildings planned for the park. Phase one will take nine months to complete, he says.

About eight years ago, Jackson-Shaw developed and sold a two-building office park right across Belt Line Road from its new site. Nunley says Parc/114 also will be a merchant build, but the goal is to create a readily identifiable and recognizable park through its design and location. “We’re not just trying to build nine buildings,” he emphasizes. “We’re trying to create a sense of place and we’re paying attention to every detail.”

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